Colorado sports betting revenue reaches new heights
Regulated sports betting in Colorado continues to be an unfettered success as Centennial State players dropped close to $250 million worth of wagers in May 2021. That’s up an astonishing 1500 percent over May 2020 and was boosted considerably by the Denver Nuggets’ playoff run.
May 2021 marked the first anniversary of regulated sports betting in Colorado and the state has clearly come a long way from its launch in the deep, dark days of quarantine. That first month players only threw down $946,641 in wagers, though there were not many events to even bet on during lockdown. But that was then, and this is now. May 2021 was an entirely different story.
According to CoBets.com, Colorado operators’ gross gaming revenue clocked in at $15.2 million for the month.
As is the case in almost every state that’s opened up for regulated sports betting, online wagering accounted for nearly all of the action regulated operators saw in May 2021. Only $210,494 worth of wagers were placed in retail outlets while the remaining $14.9 million was from online bets.
The Denver Nuggets basketball team drove the action with a playoff run that captivated players. Basketball wagers accounted for $86.9 million of the action with baseball following behind with $49 million in action. CoBets reports that operators have only pulled in $5.8 million worth of revenue on baseball wagers off of $5.8 million in wagers for the month.
Operators were, however, able to leverage a considerable advantage over players when it came to parlays. Parlays generated $5 million worth of revenue for operators during May.
With basketball done and football on the horizon, the rest of summer could prove to be a bit slower for Colorado sports betting operators.